Egypt aims to produce million cars by 2025: minister

Egypt is seeking to increase its production of automotives to produce million cars by 2025, the country’s industry minister Tarek Qabil said Tuesday.

Qabil further said in a keynote speech at the second annual Egypt Automotive Summit kicked off Tuesday in Cairo that the government plans to create a real development in the country’s automotive industry through the formation of a supreme council for this industry.

Such a council is set to carry out a new strategy to upgrade the industry in coordination with the country’s industrial chambers and the automobile manufacturers’ associations, the minister added.

The second annual Egypt Automotive summit, organised by Business News, has kicked off in Cairo on Tuesday, entitled the Future of Investment and Opportunities for the Automotive Sector and Feeder Industries.

The summit has become a platform for the government to meet the Egyptian market’s automotive manufacturers and traders to create an opportunity for further coordination in the economic sector.

Kabil added during the summit that the new strategy is to include increasing the local component to 80 percent in the coming year. Egypt’s automotive industry growth rate reaches 15 percent with total numbers of 8 companies on the market and 27 production lines.